Consumers have been resilient during the past few years, despite slow economic growth. But now investors are rethinking that scenario. Jonathan Cheng reports on Markets Hub. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... he will tell ... you that this means ... by you look at stocks and retail stocks that did the Americans of the year a ... retail stocks are doing very well on staple in our party this morning at fifty two week high ... however when you start looking at the state of the consumer it's a very different story Jonathan Cheng is here with that story ... the Nebraska Press are ... aching ... soul on e it ... well look what does this data that Consumer at between three stories in the paper today about this right well let ... out the UN are striking one noises came from conversations that we have ... you and I have with them and fund managers different ... the portfolio professionals another look at the market all day long ... I think what really surprised ... us this week was as to how many of them were saying ... I was having a drink of my body as ... I was having dinner with my friends and just seems like the topic issuer is always high gas prices ... taxes going up ... and expenses are generally going up the income not as strong as it used to be an end ... thinking about whether or not the one to cut back on the next trip on an extra meal out on an extra shopping trip ... and I think that what you see here is you seen affiliates for portfolio managers are light bulbs going on for the same ... ok we see the retailer does a consumer of that coming through really well over the past two years and in another things have been tough ... we know that savings rates have gone up but at the same time we've seen people continue to spend the question is ... can they continue to spend yet to say I love the you don't see these Proms reflected in the stock market yet I mean in the broad indexes or near highs write me till consumer staples consumer discretionary and doing well ... you know ... earnings season is basically over and the reall ... it seemed like generally the retailers ... they had a tough earnings reports ... tough margins ... and that there are the commentary surrounding it ... was very down the ... aisle when does the stock market start to see this ... well ... if what I'm describing is happening more broadly which I think it is I think what you see is the first ... trickles out of the retail trade here I think the idea is ... to have a great crime they've been outpacing the general ... market here ... I think the is ... you don't wanna be you know out that the tail end of this I mean you wanna get out ahead of that now ... and even if ... the retailer was the Consumer ripples through and is able to to continue to spend ... it's the day to see better opportunities elsewhere because they've already been reading because ... there's gotta be some fatigue here because look to you know I open my ... piano payroll by three check in you notice the sort of things and ... it's hard to know exactly whether or not it makes a difference I think we haven't tried that if you try the new year caught up to the gas pump ... in the best thing I'd I did notice it ... and doesn't fully Miami you talk about you know when the company gas and that's the almost four dollars a gallon you take a look at the other guy ... sitting across companies voted to seek ahead of each other and everybody sort of feels together and when that happens that's when ... he sorta